Video - Clifford Chance Prioritize Workshare Transact to Deliver Efficiency for Lawyers and Clients
Clifford Chance is rolling out Workshare Transact globally to improve the efficiency of every deal closing for their transactional teams and their clients.
Leading best practice and innovation once again in legal work.
Dana: I'm a best delivery adviser. I work together with our lawyers to help them transform the way they deliver services to our clients.
Bas Boris: What we have learned over time is that you really need two pilot products very well. So, we have compared various products and tested user friendliness - is the client happy with it? And on that basis, we've drawn certain conclusions and came up with Transact.
Dana: One of the differentiators of Transact is that it was built by lawyers. It taps right into the lawyer mentality, so it's not such a far stretch for lawyers to start using it.
Robert: I approached the Partner on our deal and suggested we start using Workshare, which I'd seen used in other departments. Transact centralizes document CPs. It gives access to clients. It gives access to counter parties. So, it was the perfect candidate for what we needed.
Peter: It's a really big step forward compared to the old system. We used to have to spend a lot of time updating the checklist, sending out CPs, preparing the checklists to be sent around.
Laura: Clients often don't see the versions we send out to the other clients. Now we can simply say, the documents are uploaded to Workshare - they always know which document is the latest version.
Cora: So, having it all take place on Workshare, you can pick your time to go and check what's happening. Make whatever updates you need to make, without having to trawl through 15,000 emails!
Bram: Normally, after the deal is closed, everyone is happy and time's off, except for the lawyer who then has to go through all the originals and closing bible stuff. Now it's all collected and just with the click of a button you can have the closing bible.
Tjkerk: The biggest benefit would be that it saves a lot of time because it's so easy to use. Everybody understands it after one go.
Olga: The juniors say, are we going to be using Transact on the next deal? They have found it very helpful to keep them organized. Once they’ve used it, they are keen to use it again, which kind of says it all really.
Peter: Clients like to see that we are moving forward; that we are using new tools that are more time efficient. The fact is they immediately see the benefit and it’s really a no brainer. They can see that it saves us time which means it saves them time and it saves them money too.